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Money, Freedom Driving Bank Loan Officers Back to Brokering

APR 2, 2015 12:38pm ET  Experienced loan officers are leaving banks and going solo in greater numbers, lured by the prospects of better pay and access to more mortgage products. The shift seems to begin taking hold at the end of last year and continued through early 2015, said Don Frommeyer, the chief executive officer of industry trade group NAMB-The Association of Mortgage Professionals. According to the Nationwide Mortgage Licensing System, there were 16,022 unique mortgage company entries in the database at the end of the fourth quarter, up from 15,887 in the third quarter but down from 16,178 at the end of 2013. NMLS does not break out data on types of licenses. A major issue for many bank loan officers is that they are limited in the kind of products they can offer to consumers. That can be a problem in serving consumers who need a nonqualified-mortgage product other than a jumbo loan. At the same time, mortgage bankers are cranking up non-QM offerings in the wholesale channel. That movement is likely to increase during 2015. “If you don’t have the product where you work, you can’t do that purchase loan and everyone is scraping for purchase business,” said Drew Waterhouse, the managing director of mortgage industry recruitment firm Hammerhouse. “I work for a bank, I only got one option [to offer consumers],” added Frommeyer, who is also a senior loan officer at American Midwest Bank in Carmel, Ind. “When you work as a broker you have three or four. If you run [a scenario] through one [lender] and it doesn’t work, you can turn around and...

Nonbanks Thanked for Picking Up Slack in Mortgage Lending

Independent mortgage banks forced to the sidelines following the housing bust are making a comeback. At a conference in san Diego Thursday, officials at Fannie Mae, Freddie Mac and Ginnie Mae all heaped praise on nonbank mortgage lenders for stepping up to provide loans for home purchases at a time when many banks have scaled back. The message: without them, many recent home buyers might still be renters. “If you guys had not stepped up we would have had a hole,” Ted Tozer, the president of Ginnie Mae, told 500 independent mortgage bankers at an industry conference. “The numbers prove that if you are driven out of the industry and we don’t support you, the industry can’t operate.” The government-sponsored enterprises are purchasing more loans than ever from nonbank mortgage lenders largely because big banks have pulled back from selling to Fannie and Freddie after getting clobbered with repurchase requests. Large banks have also dramatically scaled back their Federal Housing Administration lending after paying huge fines to FHA and the Department of Housing and Urban Development to settle claims of improper underwriting. JPMorgan Chase Chairman and Chief Executive Jamie Dimon said earlier this year that the banking giant would be“very, very cautious” about originating FHA loans, given the risk of paying out more claims. Wells Fargo, JPMorgan Chase and Bank of America have all lost market share in the past four years to independent mortgage bankers, Tozer said. “Those three organizations pulling back created a hole of one-third of our capacity,” he said. “The landscape for banks has changed.” Indeed, following the crisis nonbank lenders were struggling to find...

Happy Halloween 2014

HAPPY HALLOWEEN 2014 FROM FLORIDA MORTGAGE SOLUTIONS. ENJOY THE VIDEO! Personalize funny videos and birthday eCards at JibJab!   REALTORS!!! DON’T TURN CLIENTS AWAY. WE HAVE NEW HOME LOAN PROGRAM FOR BUYERS WITH RECENT FORECLOSURE OR SHORT SALE.   CLICK...

Our new website is now live.

We recently updated our website to make it easier to navigate and find the information you need. Our new design is smartphone and iPad friendly, so it makes it easier to navigate on your mobile device. You can now easily find information for Home Loans, Refinancing, Commercial Lending, and International Financing. Please let us know what you think about our new website. We’d love to hear your...